Oilpatch leaders fear ‘reckless’ move as Trudeau commits to emissions cap on sector
Global News
The federal government must work co-operatively with industry as it looks to draft an emissions cap for the oil and gas sector, Alberta business leaders said Monday.
The federal government must work co-operatively with industry as it looks to draft an emissions cap for the oil and gas sector, Alberta business leaders said Monday, or risk far-reaching consequences for the Canadian economy.
In an interview Monday, Grant Fagerheim, chief executive of Calgary-based oil company Whitecap Resources Inc., warned of the dangers posed by a federal government that he believes is setting ambitious climate targets that it doesn’t know how to achieve.
“Setting out virtue-signaling commitments with no real firm targets is dangerous, and it’s reckless because at the end of the day, this is about the things that we can’t live without — food, heat, clothing and transportation.”
At COP26, the UN climate conference in Scotland on Monday, Prime Minister Justin Trudeau formally committed to a cap on greenhouse gas emissions produced by Canada’s oil and gas industry.
READ MORE: ‘Progress’ made at G20 – but Canada wanted stronger commitment: Trudeau
Such a cap had been promised in the Liberals’ recent election platform, with plans to force emissions down until they hit net zero in 2050. A lack of regulations for the sector has long been a sore spot between environmental groups and Ottawa.
Newly named Environment Minister Steven Guilbeault along with Natural Resources Minister Jonathan Wilkinson sent a letter to the government’s net-zero advisory body Monday asking for its help to develop policy to support the new plan.
But Fagerheim said the oil and gas industry is fearful that politicians have “massively overestimated” the pace and scale at which the global economy can move away from fossil fuels. He said the government must sit down to talk with industry leaders about what is realistic.
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